For those investors looking for ideas, Cramer has found one activist investor out there who could light the way. Nelson Peltz is the one activist who Cramer says investors could piggyback after he announces his investment in a stock.
"Unfortunately, there is only one, because when these activists announce they have taken a position in a company, that stock tends to spike, which means that you will rarely ever be able to get shares at the same price as the hedge fund you are trying to follow," the "Mad Money" host said.
But when it comes to Trian Partners, the company Peltz runs, Cramer found that it is so good at helping companies unlock value, it's worth paying a Peltz premium for some of the companies that work with him.
That is why Cramer went through Peltz's portfolio to take a look at what holdings might be worth buying into in the current environment. Mondelez is a combination of many household brands that includes Oreos, Chips Ahoy, Triscuits and Ritz Crackers, among many more.
So, with the tremendous track record that Peltz has when it comes to creating value, Cramer sees a bright future ahead for Mondelez. He thinks Mondelez and Peltz can do a lot more, which is why he owns the stock in his charitable trust and recommended for investors to scoop up on any earnings related weakness.
Read MoreCramer: Cashing in on Peltz's power in Mondelez
Cramer has also seen signs of life in the tumultuous energy group. With the price of crude pulling back recently, he thinks some of the energy stocks could be ready to stabilize. Thus, the weakness in crude could provide a chance to buy some high quality oil-and-gas stocks at lower levels.
"I'm talking about Schlumberger, the largest and highest-quality oil service provider, which I like even though the company reported a quarter that was widely regarded as disappointing last Thursday night," Cramer said.
But now that the stock is absolutely hated, Cramer thinks it could be safe to circle back to it. Cramer knows from experience that one can only buy this stock when it is loathed, not loved, as wide-eyed optimism must be crushed before Schlumberger can find a bottom.
So, now that oil seems to be stabilizing in the $40s, and Schlumberger has rallied 7 percent since the end of the third quarter, Cramer thinks now is the right time to start building a position in the company.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Cedar Fair L.P: "I really do like Cedar Fair. I happen to like Six Flags more because I think it's got a little better growth...But Cedar Fair has done really well. It's just that Six Flags has done even better."
Banco Santander: "I'm not happy with Santander. I think it should be doing better. The rest of Europe is coming back. I don't want to sell it at the bottom here because it is inexpensive. But boy they really have not done a great job, and I have to be candid about that. They really haven't."
Read MoreLightning Round: I'm not happy with this bank